Gold tops $4,800, silver jumps nearly 8%

April gold futures climbed 4.2% to $4,848 an ounce.

Gold and silver futures rose sharply in Tuesday trading, rebounding after a steep sell-off triggered by the nomination of Kevin Warsh as chairman of the US Federal Reserve and the CME Group’s decision to raise margin requirements.

April gold futures climbed 4.2%, or $195.4, to $4,848 an ounce.

Spot gold rose 3.45% to $4,821.56 an ounce, while spot silver gained about 5.1% to trade at $83.32 an ounce.

The US dollar index, which tracks the greenback against a basket of six major currencies, fell 0.2% to 97.46 at 0900 Mecca time.

March silver futures jumped 8.15% to $83.18 an ounce. Spot platinum rose about 1.35% to $2,161.26, while palladium gained 1.7% to $1,751.44.

The US Bureau of Labor Statistics said on Monday that the January US jobs report will not be released on Friday due to the partial federal government shutdown that began on Jan. 31.